Former Deputy Governor of the Bank of Ghanan, Dr. Mahamudu Bawumia, says the 2015 Budget, presented last week, does not address the basic concerns of the  ordinary Ghanaian.

The Running-mate to Nana Akufo-Addo who made these comments at a meeting with the United Kingdom Branch of the Young Executive Forum noted that the 2015 Budget had failed to answer the critical questions that can bring relief to the suffering Ghanaian and improve the sunken economy.

“In the final analysis, the issues that matter to the Ghanaian people as far as the 2015 budget is concerned are as follows:

1. Will the budget grow the economy? No
2. Will the budget create Jobs? No
3. Will the budget reduce the cost of doing business? No
4. Will the budget reduce the cost of living and suffering? No
5. Will the budget provide better conditions of service for teachers, nurses, doctors, civil servants and workers in general? No
6. Will the budget allow workers to select their own Tier 2 Pension Fund Managers and account for the deductions made? No
7. Will the budget  restore the allowances of teacher and nursing trainees? No
8. Will the budget end load-shedding (Dumsor -Dumsor)? No
9. Will the budget stop the high level of corruption? No
10. Will the budget help transform the economy? No

If the 2015 budget cannot answer any of the above questions in the affirmative, then it may just be meaningless to the ordinary Ghanaian”, he pointed out.

Dr Bawumia explained that, at the end of the day, if the fundamental problems with the economy are not dealt with, then there remains a threat to macroeconomic stability going forward. 

He was therefore concerned about the decisions of government which were not targeted at addressing the main issues that have caused the economic crisis the country finds itself in now.

The former Deputy Governor of the Bank of Ghana also queried the government on the status of the IMF Bailout talks and what will happen to the Budget in the event that such an agreement is reached or in the event that the government fails to reach an agreement with the Fund.

“Turning to Government’s budget statement, we see no elements of an underlying agreement on an IMF supported framework. Are we likely to see a revised budget statement if a final deal is concluded in 2015?  Where is the financing coming from to fill the budget gap?  Are Donors likely to disburse without an IMF agreement and in the midst of corruption especially in payroll administration?. Is the government planning on using parastatals like GNPC (which has recently entered into an agreement to borrow $700 million without parliamentary approval in violation of the Constitution and the Petroleum Revenue Management Act) to fill the gap?.  What will the government do if there is no IMF agreement? The questions are tall and this budget is therefore clouded with so much uncertainty going forward,” he stated.